Thursday, February 11, 2021

Government to have 5 per cent share in Rs 10 billion NRNA Investment Fund

 The government has promised to join hands with the Non-Resident Nepalis (NRNs) in setting up Rs 10 billion infrastructure fund.

In a meeting at the Finance Ministry today, the government announced its plan to invest five per cent in the fund according to its earlier agreement. On the occasion, finance minister Bishnu Prasad Poudel asked the NRNs to complete the registration process within a week. He also assured to provide necessary assistance, including additional financial support, so that the fund can be brought into operation immediately. 

The Non-Resident Nepali Association (NRNA) has been pushing the idea of setting up of a fund of Rs 10 billion to invest in the infrastructure sector. The Nepali diaspora has also started process of registering a separate company in Nepal for the purpose.

On the occasion, president of the NRNA Kumar Pant said that the process of registration of the company is underway. “The fund will start operating after the registration,” he said, adding said the NRNA will have 10 per cent share in the company and individual Nepalis living abroad will have 85 per cent. “The public offering will be floated for investment by NRNs.”

The NRNsA has started getting proposals for the investment sectors, Pant added.

The idea of investment fund was, though not the new one, the immediate past president (IPP) Bhawan Bhatta has pushed the process of registering the fund, and incumbent president Pant is completing the process.

The meeting was attended by minister for Industry, Commerce and Supplies Lekhraj Bhatt, finance secretary Shishir Kumar Dhungana, revenue secretary Ram Sharan Pudasaini, central bank governor Maha Prasad Adhikari, economic adviser to the finance minister Prakash Kumar Shrestha, chief executive officer (CEO) of the Investment Board-Nepal (IBN) Sushil Bhatt and others.

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